Investcorp has purchased Southland Mall, a 986,514-square-foot retail project based in Cutler Bay, Fla., for an undisclosed amount.
Situated on a 76-acre site at the intersection of South Dixie Highway and the Florida Turnpike, Southland Mall encompasses an enclosed mall totaling 832,073 square feet and an adjacent exterior space and outparcels totaling 154,441 square feet. Of the total, Investcorp owns 622,467 square feet, with the balance consisting of retailer-owned Macy’s and Sears department stores that operate on-site under a reciprocal easement agreement.
Originally developed in 1972 and redeveloped in 1993, the property is currently in the final stages of a major redevelopment that includes an extensive interior remodeling and the leasing of space to new anchors and national in-line tenants. This redevelopment process is scheduled for completion by mid-2007. The property was 93.6 percent occupied by more than 80 tenants at the time of sale. In addition to the retailer-owned Macy’s and Sears stores, other major tenants include Kmart, J.C. Penney, Regal Cinemas, T.J. Maxx, Bally’s Total Fitness, Ross Dress for Less and DSW Shoe Warehouse.
Brad Seiden, a principal at Investcorp, said, “Our purchase of Southland Mall represents an exciting opportunity for Investcorp to further capitalize on ongoing growth trends in Florida, and particularly in Miami-Dade County, which is projected to add more new residents over the next 10 years than any other county in the state, and has high barriers to entry for regional shopping malls.”